ZimAsset faces $27 billion hurdle

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The Zimbabwe government requires $27 billion to implement its economic blueprint, the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (ZimAsset), in the next five years.

By Victoria Mtomba
Business reporter

Speaking at a workshop organised by the Confederation of Zimbabwe Industries (CZI) on ZimAsset, acting director of fiscal policy in the Ministry of Finance Jonah Mushayi said Treasury was working on Special Economic Zones that would offer special fiscal and trading platforms.

“We have developed the necessary regulatory framework. There is a team that has been dispatched to Uganda to learn about Special Economic Zones,” Mushayi said.

“There are certain things we need to attend to as government and business. $27 billion is required for the blueprint. It’s quite a huge figure over five years.”

He, however, said the country was facing various challenges including liquidity constraints, high interest rates and a decline in money supply.

Mushayi said government has so far identified the sources of funding for the blueprint as domestic mobilisation, regional financiers, debt relief as well as accessing external sources.

The country’s debt stands at $6,1 billion.

Mushayi said the country’s budget of $4,1 billion cannot do much to fund the financial needs of the country as 73% of the budget goes towards employment costs, 15% is for recurrent expenditure and capital expenses will be 12%.

“We need to pursue joint ventures, we have scope to achieve greater mileage,” he said.

Mushayi said in 2013 $1,8 billion was received from diaspora remittances and government was developing a document to create Diaspora bonds.

Deputy chief secretary in the Office of the President and Cabinet Christian Katsande said the Office of the President was working on a regulatory framework for Special Economic Zones to attract investment in the country as the implementation continues.

“The Ministry of Finance is working on a regulatory framework for Special Economic Zones. We need to finalise that matter urgently.

“We are not looking at a perfect document. We have seen other nations generating economic activities, hubs that have focused either on Information Communication Technology or opportunities,” he said.

CZI president Charles Msipa said the workshop was about unpacking the role of the private sector in ZimAsset.

The industry body’s chief economist Lorraine Chikanya said the business community has identified gaps in the blueprint that include lack of implementation plan for the indigenisation policy and how government will address liquidity crisis in the economy.

The document has categorised the various sectors of the economy into clusters and set goals on how they will achieve the set target. The social services and poverty eradication cluster will enable government to improve the living standards of the citizens.

ZimAsset is a five-year plan to 2018 and it seeks to ensure that government will be committed towards building a robust and sustainable results-oriented socioeconomic growth and performance management culture while performance contracts will be introduced at all senior management levels in the public sector.

13 COMMENTS

  1. If the so called government was not comprised of thieves 27 billion is nothing in this mineral rich small country

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  2. no 1 under ths sun will lent these pple any kobo.look at th way these monsters r milking th country.they dont care n are not even afraid of any 1.where is th president. y is he not saying a word about ths

  3. Now that those who were milking the country of the donated funds have been identified, the government needs to freeze/nationalize such accounts.

    Physical searches should be done on the premises of the corrupt elements to confiscate the loot. No wonder why the banks have run out of cash, it is in the hands of the few.

    ACTION ACTION AND ACTION NOW before the electorate looses hope.

  4. nw i understand what biti’s question really meant; ‘will zanu survive zimbabwe or will zimbabwe survive zanu?’

  5. Shame, shame,shame. 27 billion can be raised by transparent people not corrupt people who embezzle government resources for their domestic use. Sending good minds to workshops is good, but sending greedy people who gobble too much resources as t&s for the so called workshops. Shame, shame,shame. Starting to build at 33yrs after independence nxaa, maivepi

  6. upto I saw the paycheck which had said $9176 , I accept that my mom in-law woz actualie taking home money parttime from their laptop. . there best friend has done this for less than 1 year and recently cleared the loans on their place and bought a great new Lotus Elise . this page,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, http://WWW.Works6.COM

  7. Raise productivity with existing capital through targeted resourcing, pouring $27 billion in a corrupt system would be the mistake of the century. Purge corruption, incompetence, waste and ineffeciency, then it becomes sensible to channel that sort of money into the economy.

    Who gives that kind of money to a bunch of looters who are not accountable to anyone.

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  9. Editor i think u need to pull up your socks. Send your guys out there to gather real news. Give us real news or this paper which had so much potential will tumble.

  10. @kiro, if ths paper z nt giving u satisfactory news, PLIZ STOP READING and shut up. You ar nt incensed by th article bt u’re very incensed by reader’s comments. Utikwanire iwe mhani

  11. upto I saw the draft that said $5961 , I accept that my brothers friend could realey taking home money in there spare time at there computar. . there mums best friend has been doing this 4 only about eleven months and resently cleard the morgage on their cottage and got a top of the range Saab 99 Turbo . find out here now,,,,,,,,,,,,,,, http://WWW.Bay95.COM

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